10x Genomics sees Q3 revenue $151.7M, consensus $162.24M

“Q3 revenue fell short of our expectations,” said CEO Serge Saxonov. “The previously announced modifications we made to our commercial processes and organization to increase effectiveness represented a significant change in how we engage with customers. The transition was more disruptive than we anticipated, especially in the Americas. At the same time, our customers continue to be cautious with their spending, particularly around capital purchases, which notably impacted instrument sales during the quarter. Despite these near-term headwinds, we are confident in the opportunity ahead and believe the steps we are taking will enable us to reach more customers, execute consistently across the portfolio and drive the broad democratization of our technologies.”